Markets started the week on the left foot. Stocks tumbled on Monday, driven by disappointing earnings in the morning, declining oil prices and the upcoming Federal Reserve meeting, all of which continue to make anxiety mount among investors.
The S&P 500 Index lost 0.18 percent, with Perrigo Company plc Ordinary Shares PRGO, down 18.15 percent on the departure of its CEO, and Xerox Corp XRX, down 13.34 percent on an earnings miss, having posted the largest declines.
The Dow Jones Industrial Average fell 0.15 percent. Among the biggest decliners were Caterpillar Inc. CAT, which lost 2.00 percent on Monday, andVisa Inc V, which fell 1.05 percent.
The Nasdaq 100 Index slipped 0.21 percent, partly driven by losses at Endo International plc - Ordinary Shares ENDP, which plummeted 11.6, and Liberty Media Corporation Series A Liberty Braves Common Stock BATRA BATRK, down roughly 9 percent on Monday trading.
On the other hand, Time Warner Cable Inc TWC and Charter Communications, Inc. CHTR werethe largest gainer among the stocks included in the aforementioned indexes. The shares spiked 4.13 percent and 4.6 percent, respectively, on news that the U.S. Justice Department approved the latter’s proposed acquisition of the former and of Bright House networks – with some conditions.
Another Earnings-Heavy Day
Similar to last week, Monday saw several major earnings calls take place:
Before the market opened, Sohu.com Inc SOHU reported a first quarter net loss of $(0.56) per share, $0.01 smaller than the Street’s consensus, on revenue of $408 million, which came in $1.5 million ahead of expectations. Nonetheless, shares fell 3.35 percent on Monday trading, on the back of a trimmed guidance and a decline in most of the company’s segments.
After the bell rang in the afternoon, Express Scripts Holding Company ESRX posted earnings of $1.22 per share, in line with the Street’s consensus. However, revenue of $24.8 billion missed expectations by $400 million. Shares were trading down more than 2.1 percent in after-hours.
Also on Monday morning, Xerox Corp XRX delivered earnings of $0.22 per share, missing the Street’s consensus by $0.01. On the other hand, revenue of $4.28 billion beat expectations by $40 million. However, shares tumbled 13.34 percent.
HealthStream, Inc. HSTM retrieved earnings of $0.05 per share, $0.03 below the Street’s consensus. And, even though revenue of $54.1 million came in $70,000 above estimates, shares were trading marginally down in Monday’s after-hours session.
Finally, Cadence Design Systems Inc CDNS reported earnings of $0.28 per share, $0.01 higher than the Street expected, on revenue of $448 million – which beat consensus by $3.3 million. However, shares were down about 0.25 percent on cautious guidance for the ongoing quarter.
Other stocks moving on Monday’s after-hours session, following their earnings calls were:
- Pioneer Natural Resources PXD, up roughly 3 percent
- J & J Snack Foods Corp JJSF, down marginally
- Container Store Group Inc TCS, up almost 20 percent
- Nabors Industries Ltd. NBR, down 6.5 percent
- Sanmina Corp SANM, up 5.85 percent
- Ethan Allen Interiors Inc. ETH, up approximately 3.25 percent
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
